Wednesday, August 8th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.910, a penny above Tuesday’s closing price of $2.897. Surging upward as today’s storage report and short-term above average temperatures continue to support bullish sentiment, prices eclipsed $2.930 within minutes of the opening bell. Posting gradual gains through the day as the contract slipped multiple times upon approaching the $2.95 level, traders finally broke through at 2:20PM to reach a fresh six-week intraday high of $2.951, as September closed higher on Wednesday at $2.949.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 48 BCF injection to storage for the week ended August 3rd. This compares to a 30 BCF injection at this time last year and a five-year average injection amount of 53 BCF.
This morning in Globex, WTI Crude was up 18 cents; Natural Gas was down one cent; Heating Oil was up one cent; and, Gasoline was unchanged.
Natural Gas Glossary
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